Corporate top executives' adaptation to big data technological trends and timely updating of traditional mindsets play crucial roles in driv-ing corporate innovation.Grounded in the expansion logic of big data technology and upper echelons theory,this study investigates how executives' big data thinking influences corporate innovation.By utilizing machine learning methods,we construct a big data thinking indicator for corporate executives and find that such thinking significantly enhances corporate innovation levels.Mechanism analysis reveals that big data thinking improves organizational capa-bilities in handling complex information environments,with more pronounced innovation-enhancing effects observed when firms face a more complex infor-mation environment or when management teams lack science and engineering educational backgrounds.Further analysis demonstrates that executives' big data thinking effectively improves innovation quality.This research extends the investigation into the economic consequences of big data development from a cognitive perspective,provides empirical evidence for stimulating corporate innovation vitality,and offers policy implications for promoting high-quality e-conomic development.
Digital transformation is pivotal to the high-quality development of the audit profession in China.This paper examines the impact of digital bank confirmations on audit quality as part of this transformation.We find that digital bank confirmations significantly improve cash flow audit quality.The effect is particularly pronounced when auditors assess a higher risk of material misstatement,possess greater industry expertise,or face heavier workloads.Further analysis reveals that digital confirmations improve the persistence of cash flow components of earnings and mitigate the cash flow anomaly,thereby enhancing market pricing efficiency.Additionally,digital bank confirmations may have spillover effects on other high-risk audit items.This study investi-gates the relationship between digital bank information and cash flow audit quality,providing empirical evidence on the economic consequences of the dig-ital transformation in auditing and contributing to the literature on audit quality and its influencing factors.The findings provide valuable insights for the implementation of digital bank confirmations in future audit practices.
The random inspection of the China Securities Regulatory Commission (CSRC) is an important policy for practicing "standardizing regulatory behavior and innovating management modes". This study investigates how CSRC's random affect capital market information efficiency from the perspective of stock price synchronicity. Using a sample of China's non-financial A-share firms from 2013 to 2019, we find that random inspections significantly reduced the stock price synchronicity of inspected firms. Random inspections could increase the probability of releasing management earnings forecasts, media coverage and investor attention, and thereby improve information efficiency. Further study finds that the effect of random inspections on stock price synchronicity is stronger for non-state controlled firms, districts with more listed firms, and districts with more transparent government. This study enriches the literature on the consequences of random inspections and extends our knowledge of the relationship between regulatory innovations and the information efficiency of the capital market.
Based on the theory of social network,this study explores the use of network information by green fund and its impact on the performance of corporate environmental responsibility.Focusing on"information transmission"and"information barrier",this study finds that the green fund uses the network to collect information for the purpose of improving company's environmental performance,and the information transmission of funds with highly similar styles will be blocked due to the competition,which will inversely affect the company's environmental performance.The heterogeneity test shows that the promotion of corporate environmental responsibility fulfillment by the degree of green fund network centrality will be more significant in the case of long fund manager tenure,high fund performance rankings,low corporate pollution levels,and corporate CEOs without environmental backgrounds.The conclusions of this study are of great practical significance for effectively guiding the allocation of green funds and helping enterprises to transform into green according to the industry's green development norms.
This paper explores the impact of open market share repurchases (OMR) on stock price synchronicity. We find that share repurchases significantly enhances the information content of stock prices, reflected in reduced price synchronicity. The mechanism includes repurchases drawing investor attention, encouraging more idiosyncratic information disclosures, and increasing media coverage. This effect is more pronounced in firms with high information asymmetry, those leveraging repurchases for reputation, or emphasizing R&D. Further analysis reveals that characteristics and execution of repurchase programmes impact differently.Overall, OMR acts as an effective signal, attracting attention from external market participants and improving the firm's informational environment.
